New Delhi: Tata Realty on Monday said it has taken a loan of Rs 825 crore from the International Finance Corporation (IFC) to refinance its green commercial project in Chennai.
"This financing is earmarked for the strategic refinancing of Ramanujan Intellion Park in Chennai, a landmark development in the sustainable real estate sector," the company said.
Ramanujan Intellion Park has achieved complete emissions reduction through renewable energy or carbon offsets, saving more than 20 percent on water and embodied energy in materials and achieving more than 42 percent energy savings at the site.
Strategically located along Old Mahabalipuram Road (IT Expressway) in Taramani, Chennai, the 25.27-acre Ramanujan Intellion Park encompasses both a Special Economic Zone (SEZ) processing area and a non-processing zone.
Sanjay Dutt, MD & CEO, Tata Realty, said, “IFC’s financing is a strategic investment to advance our efforts to enhance the sustainability and climate resilience of Ramanujan Intellion Park.”
Dutt said this funding would allow the company to continue its leadership in green building practices.
Elaborating on the project, Tata Realty said that this fully owned and operational IT park hosts 40,000 to 60,000 professionals across its six buildings daily.
The IT park includes the facilities of the Taj Wellington Mews Hotel, offering 112 serviced apartments and a 1,500-seat convention center in the non-processing zone.
This funding initiative is part of Tata Realty's broader commitment to advance its sustainability efforts and raise the standard of green commercial spaces across India, the statement said.
The funds will further integrate cutting-edge sustainable technologies and practices into this flagship asset, which has a total leasable area of approximately 4.67 million square feet of IT/ITES commercial office space.
Imad N Fakhoury, IFC's regional director for South Asia, said: "Business parks are key to greening the real estate sector, and Tata Realty's Ramanujan Intellion Park is at the forefront of this transformation."
Tata Realty and Infrastructure Ltd is a 100 per cent subsidiary of Tata Sons and one of the leading real estate development companies in India with an extensive portfolio of over 50 projects across 15 cities.
Tata Realty and Infrastructure Ltd has developed around 17.6 million sq ft of commercial projects and has around 16.7 million sq ft of projects under development and planning.
"This financing is earmarked for the strategic refinancing of Ramanujan Intellion Park in Chennai, a landmark development in the sustainable real estate sector," the company said.
Ramanujan Intellion Park has achieved complete emissions reduction through renewable energy or carbon offsets, saving more than 20 percent on water and embodied energy in materials and achieving more than 42 percent energy savings at the site.
Strategically located along Old Mahabalipuram Road (IT Expressway) in Taramani, Chennai, the 25.27-acre Ramanujan Intellion Park encompasses both a Special Economic Zone (SEZ) processing area and a non-processing zone.
Sanjay Dutt, MD & CEO, Tata Realty, said, “IFC’s financing is a strategic investment to advance our efforts to enhance the sustainability and climate resilience of Ramanujan Intellion Park.”
Dutt said this funding would allow the company to continue its leadership in green building practices.
Elaborating on the project, Tata Realty said that this fully owned and operational IT park hosts 40,000 to 60,000 professionals across its six buildings daily.
The IT park includes the facilities of the Taj Wellington Mews Hotel, offering 112 serviced apartments and a 1,500-seat convention center in the non-processing zone.
This funding initiative is part of Tata Realty's broader commitment to advance its sustainability efforts and raise the standard of green commercial spaces across India, the statement said.
The funds will further integrate cutting-edge sustainable technologies and practices into this flagship asset, which has a total leasable area of approximately 4.67 million square feet of IT/ITES commercial office space.
Imad N Fakhoury, IFC's regional director for South Asia, said: "Business parks are key to greening the real estate sector, and Tata Realty's Ramanujan Intellion Park is at the forefront of this transformation."
Tata Realty and Infrastructure Ltd is a 100 per cent subsidiary of Tata Sons and one of the leading real estate development companies in India with an extensive portfolio of over 50 projects across 15 cities.
Tata Realty and Infrastructure Ltd has developed around 17.6 million sq ft of commercial projects and has around 16.7 million sq ft of projects under development and planning.
